Simple tips to Refund a Customer’s Overpayment in QuickBooks

Has your organization received an overpayment from a client? Although it is rare, during difficult economic times, focusing on how to handle the transaction often helps keep your financial records correct and your customers happy.

When you receive an overpayment, you are able to leave the overpayment in your books thereby applying it to future invoices, just like the process for applying credit memos to open invoices. If you want to know How To Issue A Refund For Overpayments In QuickBooks then you may contact our ProAdvisors.

To train refunding an overpayment with a check, let’s start by opening a sample data file:

Record an overpayment in the sample file you are using. In the Home page, click on the Receive Payments icon.
Within the Received From drop-down list, select the Robson, Darci:Robson Clinic job.
The client balance displays on the Receive Payments dialog box. When you look at the Amount field, type 12,500.00. Leave one other fields because they default.
QuickBooks displays a note when you look at the lower left about the overpayment. Select Refund the Amount to the Customer.
(Optional) click on the View Customer email address to edit the customer’s address that will print from the check. Click OK to go back to the Customer Payment transaction.
Click Save & Close.
QuickBooks opens the matter a Refund dialog box as shown when you look at the image below. Into the Issue This Refund Via drop-down list, select Check.
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Be sure to specify a technique whenever you issue an individual refund.

Leave selected the prefilled bank account as it is.
(Optional) Enter a Class and Memo.
Check or eliminate the checkmark from the To Be Printed checkbox.
Click OK.
To print the check, through the menu bar select File, Print Forms, Print Checks, and go into the check number you will be placing in your printer.
You are able to modify the To Be Printed status of a transaction within the Number/Type field in the bank register by selecting Banking, Use Register from the menu bar.
If you did not apply the credit when you created it, you are able to later process the credit as a refund, or put it on to an open invoice by selecting the Credit To drop-down list through the Create Credit Memos/Refunds dialog box.